Gulf Bank's N2.5bn Stillwaters Gardens Nears Completion
Gulf Bank of Nigeria Plc, one of Nigeria's foremost and active players in the construction/real estate development, has reacted positively and proactively to the call for private sector participation and emerging opportunities in this very important sector of the Nigerian economy through the provision of funding for various housing projects.
One of such laudable project according to the bank's Assistant General Manager (AGM), Construction Group, Ayo Oluwasusi who spoke with a select number of journlists is the N2.5 billion Stillwaters Gardens housing estate, which is near completion.
The Stillwaters Gardens is a new housing estate sitting on a total land area of 65,000 square meters in the Lekki corridor of Lagos State.
He said the Gulf bank's decision to support the project " is part of our contribution to the development and growth of the real sector of the Nigerian Economy".
Oluwasusi maintained that the bank had no choice but to consider the Stillwaters project when Stillwaters Estate Limited, a private real estate development company, approached it for financial support for the construction of the housing units.
He noted that the estate developer approached the bank based on the bank's antecedents and track record in project financing having participated in the funding of several housing projects in Lagos, Port Harcourt and Abuja, adding that having considered the proposal to be feasible, the bank had no regrets in partnering with the estate developer. "When they approached us, we carefully looked at their proposal and feasibility studies, and decided it is quite feasible and worth supporting. We decided to go ahead with it, and today, it is a success story for us all", Oluwasusi said.
He stressed that the Stillwaters Gardens housing estate comprises of 92 residential units of fully detached houses with ultra modern infrastructures designed for the medium and high-income strata of the society.
"Its serene location in a choice and most exclusive part of Lekki - close to the beach - makes it's a worthy investment choice for the visionary would-be landlords and home owners.
"The 92 housing units of the Stillwaters Gardens come in two types of designs, namely the Muraya and Avocado and are equipped with telephone facilities street lights, tarred internal roads with concrete drains, paved walkways and estate maintenance office. Others include, open spaces and garden areas, recreation facilities, public mains electricity and water supply with water storage facilities and 24 hours security.
"The Muraya type is a five bedroom detached house with three sitting areas, sitting on a standard plot area of 525 square meters of land, furnished to taste.
"The ground floor of the Muraya prototype consists of an ante room, living room, dining, mini-sitting room, kitchen, an en-suite guest room and a visitor's toilet which are placed on split levels and a store attached to the kitchen, the first floor consists of four bedroom two of which are en-suite, while the other two share a convenience, while all the bedrooms are fitted with high quality wardrobes," he explained,
According to him, the Avocado type on the other hand which sits on a plot of 550 square meter land, is a prime luxury home, which is also furnished to taste with every form of comfort imaginable. It is a five-bedroom detached home with all the bedrooms en-suite.
Both designs, according to the developers are partitioned with brick wall of fence, while both are equally attached with two bedroom Boys Quarters.
The estate, Gulf Bank's head of Construction Group explained, is expected to be oversubscribed due to the fact that substantial units had already been sold in the first phase of the project.
He noted that the payment term is quite favourable as there is provision for payment by installments through the collection of a down payment of 25 per cent of the total amount upon the signing of purchase agreement. After this, the subscriber is expected to make another 50 percent payment within 90days, while the balance is to be paid within 180days or the closing date.
He added that while the first phase of the project is nearing completion, the phase two which is to commence soon would equally be beneficial for the would-be owners as they will be given the opportunity of choosing the home of their choice, while most of the infrastructures inherent in the phase one will be in the phase two.
He reiterated that Gulf Bank is geared and adequately positioned to evaluate and undertake the financing of various projects in the real sector of the economy.
It would be recalled that in the past, Gulf Bank has been involved in the financing of the Atlantic Beach (Solid Homes) Housing Estate, Federal Housing Authority Estate in Abuja and some of the housing projects of the Lagos State Development Property Company (LSDPC) in Lagos, amongst others.
The bank has a full fledged Construction unit which is specifically set up to partner with private developers in providing decent housing/accommodation for the generality of the Nigerian populace through the funding of housing projects across the major cities of the country in support of both the Federal and State Government efforts to ease the acute shortage of housing in the country.
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